USDJPY : Cup and Handle vs Head and Shoulder
USDJPY is my all time favorite there is no doubt about it but days like these really drive even the smartest trader thinking what the smart money is thinking of?
Every one know that USDJPY has pending "right shoulder" of H&S pattern with neck line at 111.5 and once broken can retest 107-108 levels on downside
But has anyone notices the nice cup & handle formation in 4HR ??? This can do two things... invalidate the H&S pattern (save the bulls) and also take us back above 114.5 where bulls can talk about 117-118 range in January
With rate decision already bought into all we need is a BIG positive lift to drive us out of 112 zone and head straight into 113.5 - 114
Every one know that USDJPY has pending "right shoulder" of H&S pattern with neck line at 111.5 and once broken can retest 107-108 levels on downside
But has anyone notices the nice cup & handle formation in 4HR ??? This can do two things... invalidate the H&S pattern (save the bulls) and also take us back above 114.5 where bulls can talk about 117-118 range in January
With rate decision already bought into all we need is a BIG positive lift to drive us out of 112 zone and head straight into 113.5 - 114
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It gives us a nice break outside the channel but caused a bearish wave and closure below 113.5 for the week is a sign of weakness. I closed my position before Friday closing to review it later on Monday